this Mussel is preparing financial statements for the year ended 31 May 2019. Included in its statement of financial position as at 31 May 2018 was a balance for VAT due from HMRC BHD 15,000. Musses summary statement of profit or loss for the year to 31 May 2019 is as follows: U Revenue (Net) (all standard rated) Purchases (Net) (all standard rated) Gross profit Expenses (see note) Net profit BHD 000 500 (120) 380 (280) 100 1 Note: Expenses Wages and salaries (exempt of VAT) Entertainment expenditure (BHD 40 + irrecoverable BHD 8) Other (net) (all standard rated at 20%) 1 162 48 70 280 1 In respect of VAT payments of BHD 5000, BHD 15,000 & 20,000 have been made in the year to HMRC and repayment of BHD 12,000 was received. 1 Requirement: What is the balance for VAT in the statement of financial position as at 31 May 2019? Assume a 20% standard rate of VAT. 1 this Mussel is preparing financial statements for the year ended 31 May 2019. Included in its statement of financial position as at 31 May 2018 was a balance for VAT due from HMRC BHD 15,000. Musses summary statement of profit or loss for the year to 31 May 2019 is as follows: U Revenue (Net) (all standard rated) Purchases (Net) (all standard rated) Gross profit Expenses (see note) Net profit BHD 000 500 (120) 380 (280) 100 1 Note: Expenses Wages and salaries (exempt of VAT) Entertainment expenditure (BHD 40 + irrecoverable BHD 8) Other (net) (all standard rated at 20%) 1 162 48 70 280 1 In respect of VAT payments of BHD 5000, BHD 15,000 & 20,000 have been made in the year to HMRC and repayment of BHD 12,000 was received. 1 Requirement: What is the balance for VAT in the statement of financial position as at 31 May 2019? Assume a 20% standard rate of VAT. 1